Hardly a day goes by without us being offered a product with a 0 percent financing, ie a loan with an interest charge of € 0 for a new car, a new TV or other consumer goods. Be it on TV, on billboards on the street or in one of the numerous brochures that land our mailbox every day – the offer is diverse and equally seductive. Finally, this offer of credit suggests to the consumer a real bargain – no interest and also small monthly installments over a longer period to pay off the loan . What more do you want as a customer? But exactly this is the opinion of the consumer advocates of the consumer center North Rhine Westphalia, the crux, because the so-called zero percent financing have their pitfalls and are anything but what you pretend to be: Namely cheap!
Zero percent loans or financings have their pitfalls!
Granted: A loan with zero percent interest – such a promise promises undoubtedly the impression of an unbeatable cheap loan offer. But appearance is deceptive and the reality is quite sobering on closer examination of corresponding loan offers and often ends in the realization that as a consumer with a zero-percent financing in comparison to a classic installment loan often pays off. In most cases, the practice shows that a classic installment loan with interest from a bank is usually a significantly cheaper credit alternative.
The dangers of a zero percent funding
The most obvious criticisms and potential threats to so-called zero percent funding are:
• The consumer is denied the so-called right of withdrawal or it does not apply!
• If the financed goods are returned or claimed, the credit for this product continues to run for now! A corresponding withdrawal from the loan agreement can only be achieved with considerable effort.
• Financings of any kind find their way into their own SCHUFA and burden the so-called credit score considerably – and negatively!
Why are zero percent loans still so popular?
Viewed at first glance, a loan without interest is actually awarded for the purchase of a product on installments. The loan is apparently offered directly by the dealer, but far from it, because the actual lending is a classic bank. And as is well known, a bank does not issue interest-free loans! As a result, as with any other loan, interest is charged on the so-called zero-percent financing. Only this interest cost bears not the customer, but the dealer and for good reason, because he can thus advertise with small monthly payments and generate significantly more sales. But on the interest, which he apparently bears, no trader wants to sit and so these credit costs are simply included in the selling price. The customer is therefore led with a simple, but highly effective trick for sale, because the customer pays attention to these offers only on the low rates and the 0 percent interest rate.
Recalculate and compare worthwhile!
It shows again and again that not every tempting offer is a good one! Thus, the recommendation is clear: Who nachgerchnet in the offered zero percent financing, should often come to the conclusion that the sum of the individual installments is often much higher than the cash price of other providers. Unfortunately, zero-percent credit is often a bad deal.